Chinese yuan strengthens to 6.9678 against USD Friday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 93 pips to 6.9678 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 6.9678 against USD Friday

Oil prices rose on Thursday.

The West Texas Intermediate for March delivery climbed 2.21 U.S. dollars, or 3.5 percent, to settle at 65.42 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained 2.31 U.S. dollars, or 3.38 percent, to settle at 70.71 U.S. dollars a barrel on the London ICE Futures Exchange.

Crude futures settle higher